Features of PNB Home Loan Balance Transfer

The following are the features of PNB Home Loan Balance Transfer:

  • The rate of interest starts at 8.60% p.a.
  • The maximum loan repayment period is 30 years
  • Processing charge is up to 0.35% of the loan amount with a minimum of 2,500 and a maximum of 15,000.
  • Collateral security by way of mortgage of the property for which the Home Loan Balance Transfer is availed.
  • Margin is set between 20% to 25%

Benefits of PNB Home Loan Balance Transfer

The following are the benefits of PNB Home Loan Balance Transfer:

  • No charges for part payment and pre-closure of the loan
  • No hidden charges
  • Simple documentation and quick processing of the loan
  • A guarantor is not required for the Home Loan
  • A fixed rate of interest option available with a competitive rate
  • Doorstep service available

Eligibility for PNB Home Loan Balance Transfer

The following are the eligibility criteria for PNB Home Loan Balance Transfer:

  • The applicant should be in the age group between 21 years to 65 years
  • For salaried individuals, the work experience should be a minimum of 2 years in the present employment.
  • For self-employed individuals/professionals and businessmen, their existence in the present business should be at least 5 years.
  • The minimum income required is 25,000 p.m.
  • Either the spouse, children or the parents with a stable income can be co-applicants for the loan and their income can be considered to arrive at the eligible loan quantum.

Documents Required for PNB Home Loan Balance Transfer

The documents required for PNB Home Loan Balance Transfer are:

  • Application form for Home Loan balance transfer duly filled
  • Proof of Address like Aadhar card, Voter's ID, Driving Licence, Passport, and Utility Bills (anyone)
  • Photo Identity Proof like PAN Card, Aadhaar Card, Voter's ID, Driving Licence, and Passport (anyone).
  • Salaried individuals should provide their latest Salary Slips and Form 16 for income proof.
  • Self-employed individuals/professionals and businessmen should provide 3 years IT Returns and Financial Reports like balance sheet and profit and loss statements as income proof.
  • Bank Account Statement for at least the past 6 months
  • If having loan accounts other than the Home Loan, then 6 months pass sheet of the loan account should be provided.
  • Two passport size photographs of the applicant which should be self-attested
  • Copies of the property documents for which the loan is being availed
  • No objection letter/ consent letter from the existing lender should be submitted.

Process for PNB Home Loan Balance Transfer

There is a process to be followed for availing the Home Loan Balance Transfer facility. The details of the process are as illustrated below:

  • A loan closure request has to be given to the existing lender with the reasons for pre-closure of the loan. You can place a request in the form of a letter if there is no specified form for a request for loan pre-closure. In case there is a specified application form, then ensure filling the form accurately.
  • The existing lender will issue a No Objection Letter or will give a consent letter for taking over of the loan if the reasons given for pre-closure of the loan is convincing. The NOC or Consent Letter forms a part of the documents that have to be submitted to the new lender along with the request for a Home Loan Balance Transfer.
  • The next process is to approach the new lender of your choice and apply for the Home Loan balance transfer. You will have to submit the relevant application form along with the documents required by the new lender. The documents could be Photo ID proof, Proof of Address, Income Proof, Bank Account Statement, Photographs and the NOC from the existing lender along with the outstanding principal balance in the existing account. Income proof for other than the salaried class will be the financial reports like the balance sheet, Profit and Loss Account Statement and Income Tax Returns.
  • The existing lender will give a confirmation of the closure of the account on completing the process.
  • The regular loan processing and appraisal will be done by the new lender and on approval of the loan.
  • The next step will be the execution of the loan documents with the new lender. The outstanding balance will be taken over by the new lender and the equated monthly instalment (EMI) towards the loan should be paid to the new lender henceforth.

Charges on PNB Home Loan Balance Transfer

Given below are details of charges levied on PNB Home Loan Balance Transfer:

Type of ChargeDetails
InterestStarts at 8.60% p.a.
Processing feesUp to 0.35% of the loan amount with a minimum of Rs. 2,500 and a maximum of Rs. 15,000
Charges for loan statementRs. 200 per instance
Overdue penal interest2% p.m. on the overdue amount for the overdue period
Bounce charges-EMIRs. 500
Loan pre-closure statementRs. 500
Part-payment and pre-closure chargesNil for floating interest rate loans

Contact Numbers for PNB Home Loan Balance Transfer

For queries regarding the PNB Home Loan Balance Transfer you can contact the customer care helpline on the following numbers:

Toll- Free Numbers: 1800-180-2222, 1800-103-2222

24 X 7 Customer Care Numbers: 0120-2490000, 011-28044907

You can also send an SMS 'PNBHFL' to 56161

View and improve your credit score - for free.

Know how good your score is

Get insights on how to improve it

Unlock offers as per your score

chart_15f235bf64 (1).svg

The best offers from India’s most
trusted banks

Axis-Bank.png
ICICI.png
PNB.png
Kotak.png

Kotak Home Loan Balance Transfer starts at 6.50% p.a for all profiles

Kotak Mahindra bank has announced a special festival bonanza for fresh and balance transfer home loan customers. Both salaried as well as self-employed borrowers can apply for home loan refinancing at 6.50% p.a onwards. Kotak’s balance transfer festival scheme is open for all loan amounts for customers with good credit history. The last date to apply is Nov 8, 2021.

PNB Home Loan Balance Transfer - FAQs

What is the process for applying for PNB Home Loan Balance Transfer?

To apply for PNB Home Loan Balance Transfer you should follow these simple steps:

  • On submitting the application, the assessment on the basis of various eligibility and other norms will be done.
  • The legal scrutiny of the documents by panel advocate and the valuation of the property by the panel valuer will also be done. The loan amount will be based on the value of the property. The margin set for PNB Home Loan balance transfer is 10% to 25%.
  • If the internal regulatory guidelines permit, PNB will approve the Home Loan balance transfer. On approval of the loan, you will have to execute the documents relevant to Home Loan balance transfer after which the loan amount will be disbursed.
  • Once the loan is approved, the amount will be directly remitted to the credit of the outstanding Home Loan with the existing lender. Upon closure of the Home Loan account, the original property documents will be released and the new lender will get the custody of the original property documents. Apart from the documents received from the existing lender, if PNB requires any other additional documents, the same has to be provided.

Who is eligible for PNB Home Loan Balance Transfer?

The eligibility criteria for PNB Home Loan balance transfer are:

  • The applicant should be a resident Indian
  • Salaried Individual should have a minimum experience of 2 years in the existing job
  • Self-employed professional/individual or businessmen should be in the present business for a minimum of 5 years.
  • The minimum income should be 25,000 p.m
  • The applicant should belong to the age group of 21 years to 65 years

How is the quantum of loan arrived at?

The quantum of loan is based on the value of the property and the income of the applicant. Generally, up to 80% of the value of the property will be funded.

If a floating rate of interest is opted, will the EMI change with the change in the rate of interest?

The EMI fluctuation will be there if there is a change in the rate of interest, but the option of either changing the EMI or loan tenure is given to the borrower. The borrower can either opt for an extension in loan tenure or change in EMI as per their convenience.

Are there any pre-payment charges for PNB Home Loan Balance Transfer?

You can either make part-payments or pre-payment without any charges.

What is the procedure to get Interest Certificate for PNM Home Loan Balance Transfer?

The Interest Certificate will be dispatched to the borrower's mailing address for every financial year. In any case, the borrower can also approach any nearest PNB branch and obtain the required interest certificate.

Is property insurance mandatory?

Yes, the property has to be insured for protection against natural calamities and other eventualities.